Vancouver, British Columbia--(Newsfile Corp. - May 27, 2024) - First Hydrogen Corp. (TSXV: FHYD) (OTC Pink: FHYDF) (FSE: FIT) ("FIRST HYDROGEN" or the "Company") has signed a non-binding letter-of-intent ("LOI") to secure, subject to a definitive agreement, a supply of e-Vans built by a large German multinational automotive manufacturer. The Company's hydrogen-fuel-cell powertrain will be integrated into the German-branded vans, the integration process will include access to the vehicle manufacturer's engineering, technicians, support, and certification. The supply line allows First Hydrogen to offer interested fleet operators a customized hydrogen-powered-fuel-cell light commercial vehicle in the near term.
First Hydrogen's hydrogen-powered-fuel-cell vehicle (FCEV) recently completed trials with a large multinational logistics company, whose partners use commercial vans for parcel deliveries. The trial took place in London, UK, where the FCEV operated over 8 hours per day with multiple deliveries per hour.
The Company's FCEV has also demonstrated how its fuel cell powertrain delivers power when needed, achieving outputs of 60kW in transient accelerations, and in previous trials the vehicle has achieved a peak range of 630km (400 miles) on a single refueling in previous trials. This indicates the vehicle can manage more demanding duties, such as carrying heavier payloads, driving over hilly terrain or powering auxiliary equipment (onboard power).
Balraj Mann, Group CEO, First Hydrogen comments, "This collaboration will provide us access to acquire vehicles, integration capabilities and technical support to bring our FCEVs to the North American market. We were the first to the market with our two original FCEVs which now have completed four successful trials in the U.K. The company continues to receive interest to trial the FCEVs with strong interest from North America."
About First Hydrogen Corp. (FirstHydrogen.com) First Hydrogen Corp. is a Vancouver, Montreal and London UK-based company focused on zero-emission vehicles, green hydrogen production and distribution. The Company has designed and built hydrogen-fuel-cell-powered light commercial vehicles ("FCEV") in partnership with AVL Powertrain and Ballard Power Systems Inc. The FCEV has a range of 630+ kilometres. These vehicles are being trialled with fleet operators in the United Kingdom. First Hydrogen is also developing a 35MW green hydrogen production facility and vehicle assembly factory in Shawinigan, Quebec.
On behalf of the Board of Directors of
FIRST HYDROGEN CORP. "Balraj Mann" Chairman & Group CEO
Cautionary Note Regarding Forward-Looking Statements: This news release contains information or statements that constitute "forward-looking statements." Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur.
Forward looking information may include, without limitation, statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, milestones, strategies and outlook of First Hydrogen, and includes statements about, among other things, future developments and the future operations, strengths and strategies of First Hydrogen. Forward-looking information is provided for the purpose of presenting information about management's current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. These statements should not be read as guarantees of future performance or results.
The forward-looking statements made in this news release are based on management's assumptions and analysis and other factors that may be drawn upon by management to form conclusions and make forecasts or projections, including management's experience and assessments of historical trends, current conditions and expected future developments. Although management believes that these assumptions, analyses and assessments are reasonable at the time the statements contained in this news release are made, actual results may differ materially from those projected in any forward-looking statements. Examples of risks and factors that could cause actual results to materially differ from forward-looking statements may include: the timing and unpredictability of regulatory actions; regulatory, legislative, legal or other developments with respect to its operations or business; limited marketing and sales capabilities; early stage of the industry and product development; limited products; reliance on third parties; unfavourable publicity or consumer perception; general economic conditions and financial markets; the impact of increasing competition; the loss of key management personnel; capital requirements and liquidity; access to capital; the timing and amount of capital expenditures; the impact of COVID-19; shifts in the demand for First Hydrogen's products and the size of the market; patent law reform; patent litigation and intellectual property; and conflicts of interest.
The forward-looking information contained in this news release represents the expectations of First Hydrogen as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. First Hydrogen undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
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